Bonus paid to Directors allowable as Deduction: ITAT

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the payment of bonus to partners of a Company can be allowed as a deduction under section 36(1)(ii) of the Income Tax Act. The Assessing Officer had disallowed Rs.17 lakhs paid as a bonus to director-shareholders of the assessee company u/s. 36(1)(iii) of the […]

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